By Martin Croucher (October 1, 2021, 3:32 PM BST) — The retirement savings watchdog gained sweeping new powers on Friday to offer better protection to workers in Britain saving for retirement, but experts have warned that the new regulations could have a much wider impact on the country’s corporate culture.
The Pensions Regulator now has the power to punish individuals with seven-year jail sentences for acts that prove detrimental to pension schemes. TPR can also fine companies up to £1 million ($1.4 million) for failing to provide information on time and demand that businesses make contributions to their saving plans.
The powers form a key part of the Pension Schemes Act,…
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